Matthews™ Closes 56-Unit Multifamily Portfolio for $5.9M

Sale Included Two Buildings in High-Demand Submarket

 

Chattanooga, TN — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of a 56-unit multifamily asset, Seminole Pathe Apartments & Richwood Townhomes, located at 392 Dunlap Ave, Chattanooga, TN. Vice President Austin Graham completed the transaction.

 

Both properties were built in 1968 and renovated in 2022, with around 20% rental upside to the market rents already being achieved on the renovated units. Located in the quiet residential areas of Chattanooga, both properties are only about five miles from downtown.

 

“The seller was able to resell the deal with a 27% return on investment in less than two years and before closing on his exchange property,” said Graham. “The seller is looking to capitalize on the value he has added and roll the proceeds into another deal in the Chattanooga market”.

 

The buyer plans to renovate the remaining units and make further exterior improvements. This was a Fannie Mae loan assumption where Graham was able to work out a supplemental second with the agency to provide the buyer better than market terms and save the seller money by avoiding prepayment penalties.

 

For more information, or to contact Austin Graham, please visit www.matthews.com 

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 600 agents and support staff in 20+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.